LVMH VS Richemont vs Swatch
Long LVMH short Swatch, neutral/short CFR thesis continued...
Swiss watch exports grew by 1.5% for Oct’19, slowing from +10.4% in the Sep’19. The main contributor to the slowdown was Hong Kong, which declined by 29.7% y/y. This decline is in line with luxury revenue and retail sales growth in Hong Kong. Estimates that exports to Greater China declined by 10% y/y this month despite strong growth in Mainland China (+17.6% y/y). The increased spending in Mainland China is still not sufficient to offset the steep decline in Hong Kong.
Japan (+13%) normalized from +31.6% in the previous month after VAT hike was implemented on 1 Oct’19. The US (+9.5%) remains robust and is now the largest market for watch exports. Europe (+8.3%) sustained recovery from the previous month. By category, luxury watches continue to outperform (+5.6% y/y) but have slowed from the previous month due to Hong Kong exposure to high-end watches.
Swiss watch exports grew by 1.5% for Oct’19, slowing from +10.4% in the Sep’19. The main contributor to the slowdown was Hong Kong, which declined by 29.7% y/y. This decline is in line with luxury revenue and retail sales growth in Hong Kong. Estimates that exports to Greater China declined by 10% y/y this month despite strong growth in Mainland China (+17.6% y/y). The increased spending in Mainland China is still not sufficient to offset the steep decline in Hong Kong.
Japan (+13%) normalized from +31.6% in the previous month after VAT hike was implemented on 1 Oct’19. The US (+9.5%) remains robust and is now the largest market for watch exports. Europe (+8.3%) sustained recovery from the previous month. By category, luxury watches continue to outperform (+5.6% y/y) but have slowed from the previous month due to Hong Kong exposure to high-end watches.
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해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.